Digital banking giant Revolut has appointed former Uber general manager Amine Berrada to lead its entry into Morocco, marking a major step in the UK-based neobank’s broader push into the African continent.
The move is part of ongoing efforts to secure full operating licences in both Morocco and South Africa.
In Morocco, Revolut will enter a relatively mature financial market that has only recently begun embracing digital finance. However, the company faces regulatory headwinds: the dirham’s non-convertible status and strict oversight from Bank Al-Maghrib will require Revolut to carefully tailor its multi-currency services for compliance and relevance.
Despite these hurdles, Morocco’s proximity to Europe, growing digital transformation agenda, and strong diaspora corridors make it a strategic launchpad. Revolut’s entry could reshape the financial landscape, offering more competitive services in remittances and digital banking.
Meanwhile, in South Africa, Revolut is reportedly in talks to acquire a full banking licence — a move that would significantly expand its operational scope beyond e-wallets and remittances. But South Africa poses its own challenges, with a highly regulated environment shaped by laws such as the Protection of Personal Information Act, strict foreign exchange controls from the South African Reserve Bank, and complex tax compliance requirements.
The neobank will also face stiff competition from well-established players. TymeBank, which boasts over 10 million customers, leads a vibrant digital banking ecosystem that includes Discovery Bank, Bank Zero, and fintech infrastructure firms like Ozow and Stitch.
Still, Revolut’s actions point to a long-term strategy. By securing full licences and investing in local leadership, the company signals that Africa is not a short-term venture but a key growth frontier. Morocco, with its unique mix of regulation and opportunity, is expected to serve as a testbed for localisation — informing a phased rollout into the broader North and sub-Saharan African markets.
